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Industry Experts On RBI Repo Rate Hike: The Reserve Bank of India (RBI) has increased the repo rate rate by 0.25 percent to 6.50 percent in the monetary policy review meeting on Wednesday. After the arrival of this news, every person has started worrying about the increase in EMI. Industry experts have said different things on this matter. Experts believe that the cycle of increase in the repo rate started by the RBI from May 2022 last year, which will stop now. This has increased for the sixth consecutive time. The central bank has increased the repo rate by about 2.50 percent since May. Know what is the opinion of the industry about this…
When did the repo rate increase?
The central government has taken this step to control rising inflation amid global pressure. Last year, an increase in the repo rate by 0.35 percent in December 2022, 0.40 percent in May and 0.50 percent in the months of June, August and September was recorded by the RBI.
This last hike in interest rate
Deepak Sood, Secretary General of Industry Chamber Assocham, says, “There is no doubt that amidst the challenging global environment today, RBI has taken this decision to reduce inflation in the country, which is also the priority of RBI. The central bank has kept inflation under control by doing a commendable job. He said that, we believe that this is the last increase in interest rates in the current cycle.
Repo rate will be below 6 percent next year
Subhrakant Panda, President, FICCI says, “The 25 bps increase in the policy repo rate by the Reserve Bank is in line with expectations. But next year it is expected to be below 6 per cent in 2024.” And some relief will come.The central bank is expected to remain cautious while focusing on the economy achieving its full potential.
steps to curb inflation
Bank of Baroda Chief Economist Madan Sabnavis (Madan Sabnavis, Chief Economist, Bank of Baroda) has said on RBI’s policy review that at the moment it seems that there may be a risk of inflation going up, hence the interest rates have been increased. . There is not much chance of rate cut in the current year.
EMI will increase by 2-4 percent
Andromeda Sales and ApnaPaisa.com Executive Chairman V Swaminathan (V Swaminathan, Executive Chairman, Andromeda Sales and ApnaPaisa.com) says that, today the increase in the repo rate is 0.25 percent, which will make EMI costlier by about 2-4 percent. Borrowers will either have to pay additional money in each installment or extend the loan tenure to repay their loan. He said that since May 2022, the repo rate has been increased by 2.5 percent. After this, the next meeting of the Monetary Policy Committee of RBI will be held from April 3 to 6, 2023.
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